The current situation of higher education requires that institutions make efforts to improve its financial management, in order to stay on time in a demanding environment in terms of quality, competence and ability to diversify funding sources. Therefore is relevant to undertake strategies to manage actions and processes relevant to sustainable financial management in public Higher Education Institutions (HEI) in Colombia. Following the action research methodology and with the participation of 61 public higher education institutions, this study contributes to this identification. Among the results highlight the importance of diversification of funding sources, primarily through participation in calls for funding of specific projects, the creation of strategic alliances with other institutions and diversification of products and services offered by public HEI, likewise evidences the importance of information systems to support sustainable financial management.